Pure Nickel Closes Convertible Debenture Financing
Toronto, October 24, 2019 - Pure Nickel Inc. (TSXV: NIC) (the "Company" or "Pure Nickel") announces that it has closed a financing (the "Financing") of unsecured convertible debentures ("Debentures") in the amount of $300,000.
The Debentures have a term of one year, bear interest at a rate of 8% per annum, and are convertible into common shares at a price of $0.05 per share. The Financing consisted of 300 units at a price of $1,000 per unit (the "Units"), each Unit consisting of $1,000 of Debentures. The Debentures and shares issuable upon conversion will be subject to a statutory hold period lasting four months and one day following the date of issuance. The Company will use proceeds from the issuance of the Debentures for general corporate purposes and advancement of its mineral properties.
About Pure Nickel Inc.
Since the start of 2019, Pure Nickel has made strategic steps to expand its focus to include gold and silver exploration. Upon completion of the proposed merger with Explor Resources Inc. (see press released August 22, 2019), the Company will have two advanced staged gold exploration projects - its partnership with Eric Sprott on the Neal Project in Idaho and the Timmins Porcupine West Project in Ontario. Both exploration projects are expected to continue to return positive exploration results and hold the potential to be advanced to production.
For further information:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@purenickel.com
www.purenickel.com
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49123